Advancements in medical technology and the increasing awareness for health and fitness has significantly increased the life expectancy of people, making them live years after they have turned 75. This made insurance companies reconsider their underwriting rules, making it possible for people over the age of 75 to get insurance coverage.
Before purchasing a life insurance, you have to make sure that you plan ahead of time and prepare yourself to make sure that you get the most affordable rate possible. Below are some of the things that you should consider before shopping for a life insurance:
- Selecting an agent – It will help to have an agent that specializes on qualifying clients over the age of 75 for life insurance. If you are not familiar with how life insurance applications works then it will benefit you to have one around to help guide you through the procedure and make sure that you get the best package possible that will suit your needs. If you are shopping online, you may want to look for sites that specialize in offering life insurance for seniors, like SeniorLifeInsurancePlans.com. Since all they do is help older applicants find insurance to meet their needs, they will have some expertise in this area that will be useful.
- Type of insurance – Whole life and term life insurance are still available for people over 75. These options are still open, although the premiums may be slightly higher due to your age. A whole life insurance covers your life at any age, meaning a payout will be given to your beneficiaries no matter what age you pass away so long as the policy is in force when this happens. This type of insurance also has an investment feature which allows you to use the dividends or cash value for any contingencies that you may have. A term life insurance is more affordable than a whole life insurance and covers your life for a specific period. A payout will be given to your assigned beneficiaries ONLY when you die in the period specified in the policy.
- Health – Although it is expected that people over the age of 75 already have medical issues at the age of application, insurance agencies now have tailored their insurance packages to accommodate these medical conditions so that seniors will have the opportunity to have life coverage. Diabetes and high cholesterol levels are quite common in this age bracket and this is no longer considered a serious medical issue when applying for a life insurance. But if you are in good health and you have no preexisting medical condition, then chances are, you will still be able to get more affordable rates. So make sure that you squeeze in a little exercise and keep your diet healthy prior to taking a medical exam for optimal results.
- Guaranteed approval – If in case you have some problems with your health, it is recommended that you opt for a guaranteed acceptance policy which will not require any medical exam prior to approval and will just involve a declaration of your current medical state. Although the premiums will be higher, this will surely give you the protection that you need.
- Amount of coverage – Calculate how much coverage you will need and do not purchase more than what is necessary. Make a list of what your death benefits should cover and keep the amount close to that. In order to get an approximate amount of what you will need, you could get the help of a broker to do this for you. this will guarantee that you do not leave anything important out of your computation and that you do not purchase more than what you actually need and afford.